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Annual Report 2010-2011
Research
Training Dissemination
ESADE Entrepreneurship Institute
Con la colaboraci贸n de
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CONTENTS
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1. How was the 2010-11 academic year
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2. Our mission
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3. 2010-11 activities 3.1 Research 3.2 Education 3.3 Dissemination
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4. Projects for 2011-12
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5. Our team
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6. Sponsors
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1. How was the 2010-11 academic year?
2010-11 was a year of great activity at the ESADE Entrepreneurship Institute marked by the implementation of new projects. We think all EEI members felt like in a start-up against a backdrop of rapid growth in our activities, new research projects and new courses. We will now briefly summarise some of the 2010-11 highlights. We cannot mention them all in this introduction, but details will be provided in the body of this report. Research We have continued to contribute knowledge on the fields of entrepreneurship and family firms. The subjects investigated and published in top academic journals include the relationships and capabilities of company start-up teams; the impact of innovation on start-ups; creativity; the institutionalisation of the family firm and the impact on its values; the inroads made by multinationals into emerging markets; the values of the family firm; or the shareholder agreements between philanthropic investors and social entrepreneurs, too mention a few. We have participated in foremost academic conferences and presented our working papers to be published in the future. We have also published books and case studies that are already essential reading in their field. For full details, take a look at the section about research below. Education We have carried on teaching entrepreneurship courses in our different programmes covering a wider range of subjects and contents and always keeping abreast of recent world developments and would like to mention, in particular, two projects that have seen the light this academic year. Firstly, the entrepreneurship program that have been created and launched as part of KIC-InnoEnergy, a project under the auspices of the European Institute of Innovation and Technology (EIT) with backing from the European Commission, in which engineering students from different European schools study two courses at ESADE: the “Crash course on entrepreneurship” and the “Summer School on Management and Entrepreneurship”. The aim is to give graduates from European engineering schools more business acumen: a goal to which we are already contributing. The second project designed this year and now starting to be taught at the Sant Cugat Campus is the “Master in Innovation and Entrepreneurship”, a new Master in Science. The first cohort of students are an eclectic group from 14 different countries, many of whom have a science background such as industrial engineering, telecommunications, computing and aeronautical engineering. On the social impact side of education we have initiated our “Inspiring Young Entrepreneurs” scholarship fund to enable young entrepreneurs with no business management qualifications who have started up an innovative company to study the executive education programme “Business Owners”. This programme enables them to
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run their company whilst analysing key strategic issues. We have also, in conjunction with the Institute of Social Innovation, launched Momentum, a programme to help social entrepreneurs think big and make their companies grow. Finally, in the realm of public dissemination we have started up a variety of projects over the year, some of which are already highly successful. We would like to mention just two of them: Last Thursdays, run in conjunction with the ESADE Alumni Entrepreneurs’ and Investors’ Club: a monthly get-together held at the Hotel Mandarin Oriental to talk about entrepreneurship in a relaxed atmosphere; and the High Growth Companies Forum: a series of evening conferences about the challenges faced by highgrowth companies illustrated by case studies, many of them former students. You’ll discover all this and much more as you delve into this report: the end product of the joint effort of all of us here at EEI: a dynamic, enquiring, enterprising, creative team that enjoys and is passionate about what it does. Thanks to you all! This year we would also like to thank Banco Santander and the Agrolimen group for their support and for providing a springboard for entrepreneurship in Spain. For details of all our activities, carry on reading. For further information or to suggest new projects that move forward the frontiers of entrepreneurship, please don’t hesitate to contact us at eei@esade.edu.
September 2011 Luisa Alemany and Jordi Vinaixa EEI Director and Academic Director
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2. Our mission and vision The ESADE Entrepreneurship Institute (EEI) seeks to be a worldwide centre of excellence for entrepreneurship through cutting edge research, hands-on education and training, direct involvement in social debate and support for entrepreneurial projects, with a long-term view to fostering the development of society. Our philosophy is based on three cornerstones: Knowledge creation We conduct research into the different realms of entrepreneurship and the family firm, touching upon different operating areas, entrepreneurs, globalisation, female entrepreneurship, entrepreneurial finance, social entrepreneurship, entrepreneurial education and creativity and innovation to mention a few. Our lines of research are dynamic and change to keep abreast of the key issues at the frontier of entrepreneurial research.
EEI MODEL
Hands-on EDUCATION
Rigorous Research KNOWLEDGE
DISSEMINATION to society and companies
Hands-on education based on and fed by new research. Designed to pinpoint new opportunities and to develop the skills necessary to create and develop new lines of business in new organisations and family firms; to promote entrepreneurship; to foster creativity in companies, and to help funding entrepreneurial projects.
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Involvement in social debate We transfer this knowledge to society and companies by organising public events for audiences related to the entrepreneurial world, taking part in conferences and disseminating knowledge through the media and publications. Our ambitious projects are intended to position ESADE as Europe’s foremost business school in the field of entrepreneurship. Hence we seek to optimise our resources and to ensure the interaction and collaboration of all those involved. But our work does not rely solely on EEI members. Our efforts involve working in conjunction with other entities and institutions with a similar interest. Some of our key partners are:
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3. 2010-2011 ACTIVITIES 3.1. RESEARCH
This section sets forth the main research activities carried out in 2010-11. They can be divided into four main areas: 1) Key academic papers published in 2010-11 in top journals and books; 2) the Entrepreneurship Research Series; 3) Visiting researchers and professors; and 4) Research projects currently under way.
3.1.1. ACADEMIC CONFERENCES AND PUBLICATIONS The output of EEI research, reflected in its publications and participation in conferences in 2010-11, is listed in the Research Report, a separate document. We would like to highlight here some of them: Books deserving particular mention include: Vernis, A. & Iglesias, M. (2010). Empresas que inspiran futuro: ocho casos de emprendedores sociales. Barcelona: ESADE. Instituto de Innovación Social. [ISBN: 978-84-88971-41-8]. Segarra, E. (2010). Companies that thrive!: What's their secret? what're their strategies?. Madrid: Bubok Publishing. [ISBN: 978-84-9981-228-1].
Some articles published during the year in top academic journals: Rosenbusch, N.; Brinckmann, J. & Bausch, A. (2011). Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs, Journal of Business Venturing. Scarlata, M.R. & Alemany, L. (2011). Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation, and Covenants. Journal of Business Ethics, 95 (2), 121-145. Brinckmann, J. & Hoegl, M. (2011). Effects of initial teamwork capability and initial relational capability on the development of new technology-based firms. Strategic Entrepreneurship Journal, 5(1), 37-57. Vives, L., Asakawa, K. and Svejenova, S. 2010. Innovation and the multinational enterprise, in Timothy Devinney, Torben Pedersen & Laszlo Tihanyi (Ed.), in Advances in International Management. (pp. 497-523). Bingley: Emerald.
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3.1.2. ENTREPRENEURSHIP RESEARCH SERIES In order to facilitate the sharing of knowledge in the field of entrepreneurship with researchers from top international universities, we organised several research seminars in 2010-11, in conjunction with IESE. The speakers from the research series were: 10
Prof. Dr. Frederic Delmar Professor in Strategic Management at EM LYONS (France) Date: 4th April 2011 Schedule: 14.00 to 15.30
Prof. Dr. Johan Wiklund Associate Professor of Entrepreneurship at Whitman School of Management, Syracuse University (USA) Date: 5th April 2011 Schedule: 12.30 to 14.00
Prof. Dr. Benson Honig Professor of Organizational Behaviour at De Groote School of Business, McMaster University (Canada) th
Date: 20 May 2011 Schedule: 12.30 to 14.00
Prof. Dr. Michael Frese Professor of Psychology, particularly Entrepreneurship & Innovation, at Leuphana Universit채t L체neburg (Germany) Date: 30th May 2011 Schedule: 12.30 to 14.00
Prof. Dr. Stewart Read Professor of Marketing, Innovation and Entrepreneurship at IMD (Switzerland) Date: 20th June 2011 Schedule: 12.30 to 14.00
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3.1.3. VISITING RESEARCHERS AND PROFESSORS Also with the aim of sharing knowledge and improving our network of contacts, we welcomed visiting professors to our campus and our professors visited other universities. Visiting researchers: o February 2010 to date: Researcher Lotta (Finland). Her fields of interest related to exploring the design thinking concept with implications, initiation and appraisal of its contexts.
Hassi of Aalto University, Helsinki the Aalto Design Factory focus on particular emphasis on its practical potential in different settings and
As regards our teachers: o
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September 2010 to July 2011: Prof. Pedro Parada, associate professor in the Department of Business Policy, working on entrepreneurship, particularly as regards corporate growth, globalisation and strategic alliances, visiting Georgetown University, USA. November 2010 – April 2011. The researcher Francesco DiLorenzo PhD working on the field of organizational behaviour on corporate strategy and the innovative mindset with Prof. Paul Almeida at Georgetown University, USA.
3.1.4. RESEARCH PROJECTS: STEP PROJECT FOR FAMILY ENTERPRISING, directed by Prof. Alberto Gimeno. This project, backed by business schools around the globe, with ESADE as the Spanish partner and promoted by Babson University, is a long-term project designed to research entrepreneurship across family generations in family businesses: their ability to grow and generate social and economic value and to perpetuate their entrepreneurial legacy for many generations.
At the European Summit held from April 28th to May 1st at St Gallen University, Switzerland, EEI was represented by Prof. Alberto Parada and the PhD student María José Parada, with the study: “Rethinking family business: Patterns and typologies of family firms: Different ways of managing and thinking family business for long‐term value creation” Maria José Parada, Alberto Gimeno and Arist von Schlippe THE SUCCESS FACTORS OF NEW ENTREPRENEURS now in its 6th year. Prof. Jan Brinckmann of EEI, and Prof. Dietmar Grichnik of St Gallen University, Switzerland, continue to further their research into the success factors of new companies. The findings of this research were published in the Journal of Business Venturing. In addition, the research team received the best paper award at the Academy of Management in Chicago.
WHITE PAPER ON ENTREPRENEURSHIP IN SPAIN. This study commissioned by the Prince of Girona Foundation was directed by Prof. Luisa Alemany . Other team members included professors Marcel Planellas (EEI), David Urbano (UAB) and researcher Claudia Alvarez. The research analyses the current situation of entrepreneurship in Spain; compares it with other countries, and ends by pinpointing the key factors for increasing entrepreneurship in Spain. The study’s first findings were presented at the 2nd Impulsa Congress organised by the Prince of Girona Foundation on June 21st 2011 in Gerona Spain.
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3.2. EDUCATION 3.2.1. COURSES UNIVERSITY FACULTIES Undergraduate course on Business Administration / BBA: EEI organizes and coordinates the following courses: Entrepreneurship, Business Plan (Final Thesis) and In-company project. CEMS. Courses: Blocked seminar in Entrepreneurship and International Entrepreneurship at ESADE, and Entrepreneurial Finance in Bocconi (Milan, Italy). Master in Research. Course: Topics on Entrepreneurial Research Master in Science. Courses: Preparing a Business Project, Preparing an In-company Project and Venture Capital & Private Equity. As part of the Master in Science and PhD from the European Institute of Innovation and Technology (EIT), ESADE participates in the entrepreneurship courses taught at the partner universities of InnoEnergy, a consortium we belong to 1. We are currently teaching two courses: 1) Crash Course in Entrepreneurship. This weeklong course was launched in the 2010-11 academic year and taught twice. EIT – KIC InnoEnergy. September 6-10, 2010 on the Sant Cugat campus with a class of 27 final-year PhD students from the following renewable energy research centres and universities: ° ° ° ° ° ° ° ° ° ° ° 1
AGH University of Science and Technology, Poland CIEMAT, Spain CITCEA-UPC, Spain Gas Natural, Spain IREC, Spain KIT, Germany KTH Royal Institute of Technology, Sweden KULeuven, Belgium Silesian University of Technology, Poland TUEindhoven, Holland Joseph Fourier University – CEA, Grenoble, France
For more information about EIT, visit http://eit.europa.eu/ and about InnoEnergy, http://www.kicinnoenergy.com/
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UPC, Spain Uppsala University, Sweden
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KTH, Sweden. April 11 - 15 2011. The course was taught on the Sant Cugat campus to students on the SELECT programme (Master in Environmental Pathways for Sustainable Energy Systems) from KTH University, Sweden.
2) Business and Management Entrepreneurship Summer Camp. Intensive, fourweek course. Held for the first time in June 2011 and to be repeated each summer. KTH, Sweden. June 1 - 24 2011. To develop the contents of the crash course further, students on the SELECT programme at KTH University, Sweden were taught the full management course. These courses are designed to foster an entrepreneurial spirit amongst the participants.
Master in Science in Innovation and Entrepreneurship In 2010-11, this new postgraduate course in innovation and entrepreneurship was designed, approved and launched. This programme is starting to be taught as this report is going to press and the first class of 34 students (and 14 nationalities) will graduate in 2012. The degree is the first ESADE MSc programme to accept graduates from undergraduate courses other than business administration and economics. This is why a foundation course in management, taught in August 2011, was jointly designed for non-management graduates.
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To attract the most innovative, creative and enterprising young graduates, EIT / KIC InnoEnergy awarded 12 scholarships covering all tuition costs. At the same time, an International Business Model Competition was held as a challenge for recent graduates with talent and initiative who have a business idea that could be a great opportunity and who know how to design and test a suitable business model. There were two prizes: the first covering the full cost of tuition fees of the MSc and the second, 50% of tuition fees.
Full-time MBA In the 2010-11 year we have continued to develop and teach MBA students a core course – Entrepreneurship – ending with the presentation of a business plan. The other MBA courses on entrepreneurship related matters are: Entrepreneurial Finance, Marketing for Entrepreneurs, Business Models and Corporate Entrepreneurship.
Once again, to help to find new ideas for the Business Plan, EEI organised two Innovation Speed Dating sessions, one on October 29 2010 on the Barcelona campus and another on April 14 2011 in ESADECREAPOLIS at Sant Cugat. These sessions help entrepreneurs and inventors from different fields such as technology, art and medicine, who need to explore if there is a market for their product or service, to contact with MBA students. More than 20 entrepreneurs from industries as varied as vertical farming, fashion and medical research projects took part in each session.
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EXECUTIVE EDUCATION Executive Education features two types of courses: open programmes and custom programmes. The open programmes being developed and taught by EEI are designed for entrepreneurs, family businesses and investors. On the other hand, custom programmes are designed in conjunction with the client in response to a company or institution’s specific needs. The courses include: BUSINESS ANGELS ACADEMY Unlike others programmes on the market, this one focused on key financial considerations and other aspects related to the organisation and involvement of business angels in the entrepreneurial venture. Other aspects also of concern to potential and current business angels are discussed and analysed, such us: • How to get deal-flow and how to analyse potential investment opportunities • The relationship between the business angel and the entrepreneur • How business angels’ networks work • Adding value and monitoring portfolio companies
FROM SCIENCE TO BUSINESS Custom management programme for science centres or R&D institutions designed to help researchers to understand the potential of their new discovery in the market.
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MOMENTUM PROJECT June 13 - 17 2011 Programme designed by ESADE’s Institute of Social Innovation in conjunction with EEI. Selected social entrepreneurs from 10 companies participate in a program including a week-long (45 hours) training at ESADE, tutors, two MBA student to do a summer internship with the company to help develop its strategic and growth plan and a final presentation to potential investors.. For one week, the social entrepreneurs selected for this project were given classes by fprofessors from the business school and experts in growth strategies, entrepreneurship, venture capital, leadership, marketing and innovation. The social entrepreneurs received on-going education about how to draft, fund and implement a business development plan. They also had a sizeable opportunity for networking with each other and sharing the challenges faced by their own organisations, with help from teaching staff and mentors.
Areas covered by the programme included: social entrepreneurs around the globe; growth strategies and development plan; the challenges of growth: sales; creativity and innovation; leadership and team management; strategic communication for growth: public presentations; social impact strategies and metrics; investment in social companies; finance for non-finance graduates. For further information about Momentum, see section 3.3.2.
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TRAINING COURSE FOR TECHNOLOGY MANAGERS for FECYT (Science & Technology Foundation of Spain, Ministry of Science and Innovation) October 28 2010 – March 23 2011 Programme divided into 5 units combining classroom activities in Saragossa, Madrid and Barcelona with on-line activities:
• Unit 1 - Saragossa: o The strategic management of organisations and competitive strategy o Creating new businesses I. The business idea and opportunity appraisal •
Unit 2 - Madrid: o Marketing and sales for entrepreneurs with a science background o Innovation: "Design Thinking" o Creating new businesses II. The type of business and the business plan o Finance for non-finance graduates
• Unit 3 – Barcelona: o Economic and financial analysis of investment projects o Legal safeguards for corporate assets: patents and brands • Unit 4 – Barcelona o Private funding for start-ups: business angels and venture capital. o Relationships and agreements between partners and with investors o Legal and taxation considerations when creating new technology company o Public finance for start-ups: public aid for innovation o Activities in ESADECREAPOLIS • Unit 5 – Madrid: o Managing early-phase ICT companies: trends, opportunities and business models o Managing early-phase biotechnology companies: value chain and business models o Managing early-phase energy and environment companies: trends, opportunities and business models o Activities in ESADECREAPOLIS
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EXECUTIVE GROWTH PROGRAM, ENTREPRENEUR XXI, “La Caixa” June 1 to 15 2011 At EMPRENDEDOR XXI held in 2011, “La Caixa” granted a special award for highgrowth Spanish companies run by entrepreneurs. As part of the CRECES award, “La Caixa” gave the winners a management course organised by ESADE in conjunction with IESE. The activities were divided into six sessions: three at ESADE Madrid and three at IESE Barcelona as follows: •
ESADE Madrid: o Business opportunities and business model o Start-up management: marketing, sales and managing start-up teams o Finance for entrepreneurs
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IESE Barcelona: o Valuation o Convincing people about your project o Strategic growth
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3.3. DISSEMINATION 3.3.1. ESADE ENTREPRENEURSHIP SUMMIT – QUEST FOR TALENT The Quest for Talent, held for the second time on May 8 2011 and organised by the MBA Entrepreneurship Club in conjunction with EEI, gave European entrepreneurs in high-growth companies the opportunity to meet the best MBA students in Europe. Participants included expanding companies, entrepreneurs, MBA students and ESADE professors and tutors.
The event was divided into three parts: 1) An elevator pitch competition for a business idea with a prize of â‚Ź 4,000 to be shared amongst the best three; 2) A series of round tables to discuss matters of concern to growth companies, particularly in high-technology industries. 3) A job fair where growth companies could offer jobs to MBA students. The purpose of this fair was two-fold: to create new job opportunities for MBAs and to enable growth companies to contact the finest talent. The MBA students taking part in this event were from the following business schools: ESADE, Barcelona, Spain; IESE, Barcelona, Spain; Instituto de Empresa, Madrid, Spain; London Business School, London, United Kingdom; INSEAD, Fontainebleau, France; HEC, Paris, France; and ESSEC, Paris, France.
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3.3.2. MOMENTUM PROJECT EEI, in conjunction with ESADE’s Institute for Social Innovation and BBVA, has backed and helped develop the Momentum project. Prof. Alfred Vernis, an expert in social entrepreneurship, directed this project which emerged this academic year. Prof. Luisa Alemany is actively involved in Momentum as a member of Momentum’s scientific committee. Momentum, a project designed to foster social entrepreneurship in Spain, actually took off in February 2011. At the meeting held on May 13 2011, the Executive Committee appointed the Momentum Project’s Scientific Committee consisting of representatives of PwC, Ashoka España, Grupo Vips, Fundación ONCE, BBVA, ESADE (Institute for Social Innovation and ESADE Entrepreneurship Institute), Stone Soup and Skoll Center for Social Entrepreneurship (Oxford University) and the 10 social projects to take part in this first programme were selected in Madrid. To achieve develop social entrepreneurship, Momentum focuses on two lines of work: the development of a programme to consolidate and increase the impact of these entrepreneurial activities and the creation of an ecosystem to provide support for social entrepreneurs.
For more information about Momentum, see http://momentum-project.org/es
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3.3.3. ACADEMIC SUPPORT FOR THE ESADE BUSINESS ANGELS NETWORK (BAN) Together with the ESADE Alumni BAC, on-going support has been provided for ESADE BAN: a network of private investors designed to foster investment and entrepreneurship in Spain. The aim is to achieve this by making Spain’s financial fabric grow by getting the most active individual investors so to become Spain’s largest network of private investors (business angels) in terms of numbers of operations and volume of investment. Fernando Zallo and Marta Campillo are managing the activities of the network. ESADE BAN focuses mainly on fostering start-ups and companies in early growth phases. The type of investment preferred by network members is joint investment with other members of the network or venture-capital companies. The network is open to anyone – whether or not they are former ESADE students – interested in investing in start-up projects and those in early growth phases. BAN members include private investors (business angels), venture-capital companies, family offices and private investment groups. The network grew considerably in 2010-11 and organised forums in Valencia and Madrid.
EEI works hand in hand with the ESADE Alumni Business Angels Network (BAN) in organising 8 investment forums a year, where entrepreneurial projects seek finance from the Business Angels’ Network, many of whose members studied at our School of Business Angels. The network has an on-line platform that allows to the members of ESADE BAN to get detailed information about several entrepreneurial ventures looking for financing.
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Professor Jordi Vinaixa, EEI academic director, is a member of the Selection Committee. These forums include training sessions at ESADE’s Business Angels Academy including key topics and discussing of recent investment in a case study format. The forums and training activities organised in 2010-11 were: o Barcelona: September 28 2010. 16th ESADE BAN Investment Forum. School of Business Angels seminar “Apalancamiento financiero y óptimo de estructura financiera” (Optimum financial leverage of financial structure) by Prof. Jordi Fabregat, director and professor of ESADE’s Executive Master in Financial Management. November 23 2010: 17th ESADE BAN Investment Forum. Sergi Mora, project manager with ACC1Ó, gave the talk “La aportación de valor y el rol del inversor” (Adding value and the role of the investor). Seminar by the Business Angels Academy “Valuation of Start-ups – Part 1” by Prof. Luisa Alemany, director of the ESADE Entrepreneurship Institute.
February 1 2011: 19th ESADE BAN Investment Forum. On-going programme by the Business Angels Academy "Valuation of start-ups part 2" by Prof. Luisa Alemany, director of ESADE Entrepreneurship Institute. March 10th 2011. 4th ESADE BAN HealthCare Investment Forum. Organised in conjunction with the Barcelona Medical Association, Barcelona Activa and Biocat.
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April 13th 2011. 19th ESADE BAN Investment Forum. On-going course by the School of Business Angels about shareholder agreements “Valoración de Startups – 3ª parte: El caso Hotmail” (Valuation of start-ups. Part 3: Hotmail: a case study), by Prof. Luisa Alemany. May 19th 2011. 3rd ESADE BAN Clean Tech Investment Forum in conjunction with Barcelona Active in the ECOEmprendedorXXI programme. The investment forum was preceded by a clean tech industry round table chaired by Joan Sureda, managing director of Industry in the Generalitat of Catalonia, with the participation of Elena Bou, KIC InnoEnergy Director of Innovation and associate professor in ESADE’s Operations and Innovation Management Department; Jordi Costa, Business Angel at Cleantech; and Francesc Tarongi, founder and CEO of Enertika. June 14th 2011. 20th ESADE BAN Investment Forum. The investors’ training programme featured "La inversión en Visualnet contada por sus protagonistas” (Investment in Visualnet: the inside story) by Javier Navarro, chairman of the Valencia ESADE Alumni chapter; Enrique Vilar, ESADE BAN business angel; and Eneko HuarteMendicoa, ESADE BAN business angel. Pascal Chevallier, MBA, engineer and chairman of Netbooster Group, also gave a talk about his experience in internet and IT services and his success as an entrepreneur in series and investor in several international organisations (currently working in venture capital in Europe, Asia and Brazil). o Madrid September 16 2010. Presentation of ESADE BAN. Fernando Zallo, director of ESADE BAN gave a presentation about the network.
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November 30 2010 1st ESADE BAN Investment Forum February 10 2011 2nd ESADE BAN Investment Forum May 16 2011 3rd ESADE BAN Investment Forum. "On-going session at the School of Business Angels" by Prof. Luisa Alemany, director of the ESADE Entrepreneurship Institute. o Valencia: December 2 2010 1st ESADE BAN Investment Forum. Joan Riera, professor in ESADE’s Department of Business Policy gave a talk entitled, "My Business Angel", Fernando Zallo, director of ESADE BAN, then gave a presentation of ESADE BAN, the business angels network. February 16, 2011 2nd ESADE BAN Investment Forum June 2 2011: 3rd ESADE BAN Investment Forum. Academic session for Business Angels by Joan Riera, professor in ESADE’s Department of Business Policy.
3.3.4. SEMINARS AND CONFERENCES FOR ESADE ENTREPRENEURS AND INVESTORS In conjunction with ESADE Alumni, EEI organises a variety of events aimed at the ongoing training of entrepreneurs or investors including the well-established venture capital forums and the new “high-growth company” forums. VENTURE CAPITAL AND PRIVATE EQUITY FORUMS September 21 2010 18th Venture Capital Forum. eDreams: a case study. One of the largest venture capital operations of 2010.
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December 1 2010 – 19th Venture Capital Forum: Eurofragance: a case study. Growth and globalisation with a strategic partner. March 29 2011 – 20th Venture Capital Forum: Five years on the road: How has the market changed? What can we expect in the next five years?
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July 6 2011 – 21st Venture Capital Forum: Privalia: a case study. The largest venture capital operation in the last decade in Spain. HIGH GROWTH COMPANIES FORUM: February 10 2011 – Groupalia and Tradeinn. Joaquín Engel and David Martín explained how these two e-companies, despite the current crisis, are growing at far above average rates. They discussed and presented some of the challenges they face when managing this high growth ventures.
March 21 2011 - Medcomtech, SA. The founder, Joan Sagalés, explained the main features of his business (a highly innovative company in the apparently traditional medical industry), the main issues encountered along the way and also the new challenges and goals.
3.3.5. LAST THURSDAYS @ Mandarin Oriental, Barcelona The perfect opportunity for entrepreneurs, investors, professionals, persons involved in entrepreneurship, professors, business plan tutors and students to exchange opinions, share experiences and foster new business opportunities whilst enjoying a drink in the outstanding setting of The Banker’s Bar at the Hotel Mandarín Oriental, Barcelona.
2010-11 LAST THURSDAYS October 28 2010. Miquel Àngel Bonachera (MBA 07), founder, CEO and CFO of ABBiotics told us all about the company from its start-up, through its funding by business angels to its recent floating on the stock exchange in July 2010 on the MAB. November 25 2010 – with Mikel Lasa, Managing Director CC Iberia of KIC-InnoEnergy, and Elena Bou (Lic&MBA 97 / PhD 06), Head KIC InnoEnergy and professor in ESADE’s Department of Operations and Innovation. They explained this project, its impact and relationship with ESADE, its team and what its company incubator is all about. January 27 2011 – with Pere Costa (Lic&MBA 82), founder of Biocentury and Bionatur Biotechnologies. He shared his experience as an entrepreneur, how Biocentury was sold, and the present state of the Bionatur Biotechnologies startup. February 24 2011 – with Michael Goldenberg, partner and Managing Director of Value Retail Management Spain S.L. and Corporate Director of Value Retail Group. He talked about his experience in retail (La Roca Village, Barcelona, Las Rozas Village, Madrid, La Vallé Village, Paris, Bicester Village, London, ...) and the opportunities for entrepreneurs in this field.
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March 31 2011. Vicente Arias, founder of SeedRocket and Offerum, explained how SeedRocket occurred to him: a private venture enabling entrepreneurs with technology-based projects to obtain support, training and finance. He also talked about Offerum, a highgrowth company that promotes local leisure activities and events with good discounts for group purchases. April 28 2011 – with Jordi Alegre, investment director of Miura Private Equity, a venture capital company focused mainly on buying stakes in SMEs in Spain and Portugal. He talked about how they carry out venture capital operations and how they help the companies in which the stakes are held; how to become the perfect partner for entrepreneurs and executives seeking active, flexible and committed investors; and how to help the management team for example when defining the company’s corporate strategies, business development and optimising operations and funding. May 26 2011 – with Jöel Jean-Mairet, partner at Ysios Capital Partners SGECR S.A., a management company for venture capital entities specialised in biotech. He told us about how he invests in business projects in the life science and healthcare industry and how they create value by helping entrepreneurs and businesspeople to rise to the challenge of transforming scientific knowledge into a successful company. He also told us about his entrepreneurial experience when he founded Glycart: a real success story which he created, financed with venture capital and sold to a leading pharmaceutical company, and is now Roche’s great hope with a product expected to earn between €2m and €5m a year. June 30 2011 – with José Manuel Villanueva (Lic&MBA 99), founding partner of Privalia. Privalia is a private on-line purchasing club offering its members toprate brands with discounts of up to 70%. In just five years it has become an international benchmark for on-line sales with more than 7.5m members who entrust their on-line purchases to this high-growth company. In February 2011 they bought the off-line company Dress for Less in Germany: new challenges and growth opportunities for Privalia and its team.
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3.3.6. PARTICIPATION IN EXTERNAL EVENTS EEI organises and participates as speakers in well-established, acclaimed conferences in world of entrepreneurship.
2nd IMPULSA FORUM – June 22 2011: Organised by the Príncipe de Girona Foundation, the Impulsa Forum seeks to discover what conditions in the realms of education, technology, economics, society and politics are necessary to transform the young people into creators of wealth by means of entrepreneurship in all fields: science and technology, business and social, sports and the arts/culture. The Impulsa Forum aims to be the meeting point for gathering together a selection of global experiences in order to pinpoint the best practices and create a positive attitude towards entrepreneurship amongst young people, and also help them develop their talents and focus their efforts and commitment on making their dreams come true. In was against this backdrop that Prof. Luisa Alemany presented the findings of the White Paper on entrepreneurship in Spain. The aim of this research, conducted by EEI and commissioned by the Príncipe de Girona Foundation, was to determine the level of entrepreneurship in Spain in comparison with other countries and identify the key factors needing to be changed in order to improve it.
BIZBARCELONA, Entrepreneurs’ Congress – 15-16 June 2011 This year for the first time, the traditional Entrepreneurs’ Day was combined in the same event with the HiT Barcelona innovation summit and other entrepreneurship-related activities held in Barcelona and sponsored by entities and institutions.
EEI took part in: o
NEW TRENDS – Reinventing business: the low-cost phenomenon by ESADE professor Josep F. Valls. A passing fad or a pillar of the outlook of 21st century consumers?
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INSPIRATION – Round table: Seed capital and super angels. Finding the first investment for my project. Well-known
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private investors with entrepreneurial experience talked about the tools needed to design an attractive and sustainable business model for first-time investors. Fernando Zallo, director of ESADE BAN, also took part. o
FINANCE MARKET – Participants included investors and entrepreneurs from ESADE BAN. Target audience: any innovative company seeking funding for growth. A forum for presenting business projects to the 150 most successful national and international investors, with investment possibilities of up to €300 m per company, and to major corporations seeking to buy innovative companies.
ASCRI CONGRESS 25TH ANNIVERSARY, June 15, 2011 This year’s ASCRI congress (Spanish association of venture capital and private equity) provided an insight into the current state of the Spanish economy and the venture capital industry; how venture capital fosters innovation; the challenges posed by emerging markets and the need to globalise our companies; and how the experience of these 25 years equips us to deal confidently and optimistically with future challenges. This industry has become increasingly important for the development and growth of Spanish companies with each passing year and this congress is intended for the executives involved in this industry and those seeking to understand it better.
It was against this backdrop that Prof. Luisa Alemany gave her talk The impact of venture capital upon entrepreneurship and innovation.
3.3.7. SUPPORT FOR THE ESADE ALUMNI BUSINESS ANGELS’ CLUB The club is a well-established part of the ESADE Alumni association. The EEI academic director, Dr Jordi Vinaixa, is actively involved in the club’s board as an academic sponsor.
3.3.8. SUPPORT FOR ESADE STUDENT ENTREPRENEURSHIP CLUBS EEI collaborates directly with the ESADE entrepreneurship clubs set up by students on degree, MSc and PhD courses, and also by MBA students.
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E3 CLUB: The ESADE Entrepreneurship Club was founded in 2009-10 by a group of students on university business administration courses with a view to fostering entrepreneurship and a creative business outlook amongst students on the campus and encouraging them to get involved in creating companies and innovative projects. The club members are students with a keen interest in entrepreneurship, not only as a career option, but also a way of thinking. The club regularly organises events: workshops with ESADECREAPOLIS, networking activities with guest speakers and elevator pitch contests. Participants include: Alex Barrera, founder of Inkzee and co-founder of Tetuan Valley; Carlos Hernández of iContainers; Anna Castro, Entrepreneurship Manager in ESADECREAPOLIS; Prof. Jordi Vinaixa; Nacho Giral, founder of Atrapalo; Thomas Finsterbusch, co-founder of 3 Day Startup; and Jose Manuel Villanueva, co-founder of Privalia. Particularly noteworthy was TEDxESADE organised on 8 June 2011 in conjunction with EEI. TEDxESADE an initiative of student club E3, was an event to which some of the most innovative thinkers and leading entrepreneurs in ESADE and society as a whole were invited to talk about their favourite subject: innovation and entrepreneurship. On the subject of our slogan “Inspiring Futures", ESADE organised a day of conferences to contribute to social debate in innovation and entrepreneurship. The speakers were ESADE collaborators, professors and former students highly acclaimed in their fields of expertise, who helped position TEDxESADE within TED’s benchmark conferences: Henry Chesbrough, Luisa Alemany, Pau García-Milà, Enric Segarra, Carles Torrecilla, Jonathan Wareham and Fernando Trias de Bes.
MBA ENTREPRENEURSHIP CLUB: organised and run by MBA students with a view to fostering entrepreneurship and preparing students for their transition into socially responsible businesspeople.
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The club organises events ranging from conferences on topical business subjects, networking sessions and information workshops with other MBA students, companies and local associations, for example: Conference: Strategic Sourcing from China Twitter Workshop Speed Networking with the IESE Entrepreneurship Club Elevator Pitch Contest & Networking Event
The club provides a networking platform enabling students to share and enlarge upon their business ideas with other people with a similar outlook outside the classroom. It also gives its members help in developing business plans and advice about finance possibilities.
3.3.9. ENTREPRENEURIAL TALENT AWARDS 1ST NATIONAL COMPETITION FOR YOUNG ENTREPRENEURS: INSPIRING YOUNG ENTREPRENEURS To help successful young entrepreneurs under 30 receive management training, EEI organised the 1st National Competition for young entrepreneurs: Inspiring Young Entrepreneurs.
The initiative of granting scholarships to young entrepreneurs that arose in 2009-10, continues this year in the form of this competition. The results of the competition
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were announced on Friday, March 11th 2011 with the award of scholarships to take ESADE’s Programme for Business Owners to three young entrepreneurs with promising, high-growth careers. The winner of the first prize, Alicia Asín Pérez, a computer engineering graduate, was rewarded for her enterprising career as the founder of Libelium, a company designing wireless devices for monitoring all sorts of settings, founded in 2006. Its sales increased by 18x to € 800,000 by the end of 2010 and it is currently opening new markets in Asia, the Pacific, Europe, Canada and the USA. The two runners-up were Pedro Moreo, PhD in industrial engineering and founder of the technology spin-off EBERS Medical Technology for regenerative medicine, and Joel Vicient, engineering technician in management computing and founder of Ongest, an innovative application for online invoicing. Under the management of Pedro Moreo since its foundation in 2009, EBERS Medical Technology has made a name for itself on the international scene as a developer of solutions for regenerative medicine and has received several awards for its great innovation. Ongest, the company founded in 2009 by Joel Vicient, has achieved investment of €1.4m for its innovative online invoicing system in just two years.
1ST INTERNATIONAL BUSINESS MODEL COMPETITION EEI launched a new master in September 2011: the MSc in Innovation and Entrepreneurship. To attract the most innovative, creative and enterprising young graduates seeking a career in the fields of innovation management or entrepreneurship, the INTERNATIONAL BUSINESS MODEL COMPETITION (IBMC) was organised as a challenge for talented recent graduates with initiative and a business idea that might be a great opportunity and who know how to design and test a suitable business model. The first prize was a full grant for the tuition fees of the new master and the second prize, a grant for 50% of the tuition fees of the master.
17th ESADE MBA AWARDS FOR THE BEST BUSINESS PLAN With a view to nurturing the entrepreneurial mindset of MBA students and acknowledging their work on a business plan in the Entrepreneurship course, the final competition of the 17th year of these awards was held on March 15 2011.
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The finalists were the MBA PT groups working on the Greenspirit, EPHeM, Gensalada, Barco Libre and Zelfo Technology projects. The Gensalada group (Gerard Bergés Martín, Jordi Coloma Guerrero, Isaura Alia López García and Mireia Nadal Royo) was awarded a check for €3,000.
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4. PROJECTS FOR 2010-2011 Our goal is to continue to position the ESADE Entrepreneurship Institute as a reference centre for entrepreneurship in Spain and Europe and to make inroads in Latin America. In 2011-2012, new projects will be undertaken whilst consolidating those started in 2010-2011. The new activities planned for 2011-2012 include: • • • •
Kick-off of the MSc in Science in Innovation and Entrepreneurship, September 2011 Advanced Research Seminar In Strategic Management and Entrepreneurship Consolidation of the Last Thursdays networking events and the High Growth Companies Forum Design and implementation of e-Garage, the garage for entrepreneurs at ESADECREAPOLIS
We have many other projects in mind, and many more that we have not even started to think about that for sure will be part of next academic year report of activities. We live entrepreneurship by being an entrepreneurial institute ourselves.
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5. OUR TEAM
Directors 37
Entrepreneurship Finance
Director: Luisa Alemany, Associate Professor. Department of Financial Management and Control
Entrepreneurship / Business Models
Academic director: Jordi Vinaixa, Lecturer. Department of Business Policy
Management
Manager: Mercè Saura
Teaching staff
Leadership
José Luis Álvarez, Professor, Department of Business Policy
Corporate Entrepreneurship
Eugènia Bieto, Associate Professor, Department of Business Policy
Entrepreneurship in Tech-firms
Jan Brinckmann, Assistant Professor, Department of Business Policy
Family Business
Alberto Gimeno, Associate Professor, Department of Business Policy
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Carlos Losada, Associate Professor, Department of Business Policy
Entrepreneurship / Family Business
Ignacio Mur, Associate Professor, Department of Business Policy
Internationalization / Born-global
Entrepreneurship / internationalization
Montse OllĂŠ, Director and Associate Professor, Department of Business Policy
Pedro Parada, Associate Professor, Department of Business Policy
Entrepreneurship
Marcel Planellas, Professor, Department of Business Policy
Entrepreneurship / Franchises
Dimo Ringov, Assistant Professor, Department of Business Policy
Creativity / Innovation
Enric Segarra, Lecturer, Department of Operations Management and Innovation
Creativity / Business Models
Silviya Svejenova, Associate Professor, Department of Business Policy
Social Entrepreneurship
Alfred Vernis, Associate Professor, Department of Business Policy
International alliances / Business Models
Luis Vives, Assistant Professor, Department of Business Policy
Contributors
Entrepreneurship
Javier Aguilar, Academic Assistant, Department of Business Policy
Corporate Entrepreneurship / Entrepreneurship in emerging countries
José Ernesto Amorós, BAC Researcher
Entrepreneurship
Javier Nieto, Lecturer, Department of Business Policy
Entrepreneurship
Joan Riera, Academic Assistant, Department of Business Policy
High Growth / Sponsorships
Diego Torres, Lecturer, Department of Business Policy
Women Entrepreneurship
Maika Valencia, Researcher
Entrepreneurship
Juan María Alfonso, Academic Assistant, Department of Business Policy
Entrepreneurship
Ferran Andreu, Academic Assistant, Department of Business Policy
Entrepreneurship
José Carlos Ramos, Academic Assistant, Department of Business Policy
Entrepreneurship Finance
Mariarosa Scarlata, Researcher
Social Entrepreneurship
Lourdes Urriolagoitia, Academic Assistant, Department of Business Policy
Entrepreneurship
Urich Wassmer, Assistant Professor at John School of Business
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Researchers
40 Sondos Abdelgawad
F. Xavier Barrull
Francesco Di Lorenz o
Neus Feliu
Jan Hohberger
José Luis Marín
Fernando Paiz
Mª José Parada
Barbara Slavich
6. SPONSORS
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With the collaboration of